Steel Industry (Nationalisation) Act 2026
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Change 1
31 Exercise of transfer powers in respect of connected persons
(1) The Secretary of State may exercise a principal transfer power in respect of a person who is connected with a steel undertaking (a “connected person”). (2) A principal transfer power may (in reliance on subsection (1)) be exercised in respect of a connected person only if— (a) the power is exercised at the same time as or after the exercise of a principal transfer power in respect of the steel undertaking, and (b) the Secretary of State considers it necessary in the public interest to exercise the power in respect of the connected person. (3) Where a principal transfer power has been exercised in reliance on subsection (1), the Secretary of State may exercise any other transfer power in respect of the connected person. (4) A person is connected with a steel undertaking if the person is, or at any time during the period of 6 months ending with the date of the exercise of the principal transfer power was— (a) a responsible person in relation to the steel undertaking, (b) an associate of a responsible person in relation to the steel undertaking, or (c) an associate of the steel undertaking. (For the meaning of “responsible person” and “associate” see section 32). (5) Section 2 (exercise of transfer powers in the public interest) does not apply to the exercise of a principal transfer power in reliance on subsection (1). (6) Subject to subsection (5), any provision of this Act which refers to a power conferred by this Part or to regulations made in the exercise of such a power has effect, in its application for the purposes of this section in respect of a connected person, as if any reference in that provision to a steel undertaking were a reference to the connected person.
31 Exercise of transfer powers in respect of connected persons
(1) The Secretary of State may exercise a principal transfer power in respect of a person who is connected with a steel undertaking (a “connected person”). (2) A principal transfer power may (in reliance on subsection (1)) be exercised in respect of a connected person only if— (a) the power is exercised at the same time as or after the exercise of a principal transfer power in respect of the steel undertaking, and (b) the Secretary of State considers it necessary in the public interest to exercise the power in respect of the connected person. (3) Where a principal transfer power has been exercised in reliance on subsection (1), the Secretary of State may exercise any other transfer power in respect of the connected person. (4) A person is connected with a steel undertaking if the person is, or at any time during the period of 6 months ending with the date of the exercise of the principal transfer power was— (a) a responsible person in relation to the steel undertaking, (b) an associate of a responsible person in relation to the steel undertaking, or (c) an associate of the steel undertaking. (For the meaning of “responsible person” and “associate” see section 32). (5) Section 2 (exercise of transfer powers in the public interest) does not apply to the exercise of a principal transfer power in reliance on subsection (1). (6) Subject to subsection (5), any provision of this Act which refers to a power conferred by this Part or to regulations made in the exercise of such a power has effect, in its application for the purposes of this section in respect of a connected person, as if any reference in that provision to a steel undertaking were a reference to the connected person.
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